Zoom stock surges, market value tops Boeing, Starbucks

Zoom Stock Shoots Up To Record High After Q2 Revenue Rises 355%

Zoom Revenues Jump 355 Percent - Thurrott.com

Zoom has joined forces with two large corporate customers in recent months, Exxon Mobil and Activision Blizzard, said Mr Yuan, boosting investors' confidence.

Medium and large companies make up the bulk of Zoom's paying clients.

Its revenue in the quarter gone by more than quadrupled against the same period a year ago, the company said as it announced its earnings on August 31. One key metric - the number of Zoom customers with at least 10 employees - exploded to about 370,200 in the quarter, up 458% year-over-year.

The shares rose 33% to US$432.45, pushing Zoom's market value to almost $122 billion, after it reported explosive growth during the second quarter as more people paid for subscriptions, giving them more control over virtual meetings.

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CEO Eric Yuan says organizations are shifting from addressing their immediate needs, toward a future of working, learning and connecting anywhere.

Shares of Zoom skyrocketed as much as 38% in premarket trading Tuesday.

In a show of confidence, Zoom raised its revenue projection for its fiscal year ending in January to almost $2.4 billion, up from roughly $1.8 billion that the San Jose, Calif., company predicted in early June.

The company said it increased its revenue outlook for the third quarter and the full financial year, with third quarter revenue to hover between $685m and $690m. That forced millions of workers and students to hop on to Zoom and other videoconferencing services to get their jobs and schoolwork done.

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Zoom reported higher sales and profit in the three months from May through July than it did in all of 2019, as more people work and learn remotely during the coronavirus pandemic.

The sudden demand seemed to catch Zoom off guard initially, leaving its service vulnerable to hackers and mischief makers who exploited security weaknesses to barge into or snoop on meetings.

The surge in usage also strained Zoom's infrastructure, with some outages last week as schools in many parts of the USA resumed classes virtually.

The video communications platform has been adopted by businesses, schools, universities and individuals due to Covid-19 related movement restrictions and lockdowns.

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